MMNIX vs. CTA
MMNIX (Miller Market Neutral Income Fund Class I) and CTA (Simplify Managed Futures Strategy ETF) are both funds - MMNIX is a Equity Market Neutral fund actively managed by Miller, while CTA is a Systematic Trend fund actively managed by Simplify. Both are actively managed. Over the past year, MMNIX returned 9.63% vs 15.57% for CTA. At a correlation of -0.04, they often move in opposite directions. MMNIX charges 1.69%/yr vs 0.78%/yr for CTA.
Performance
MMNIX vs. CTA - Performance Comparison
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Returns By Period
In the year-to-date period, MMNIX achieves a 3.47% return, which is significantly lower than CTA's 12.30% return.
MMNIX
- 1D
- -0.09%
- 1M
- 0.71%
- YTD
- 3.47%
- 6M
- 4.33%
- 1Y
- 9.63%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CTA
- 1D
- 0.54%
- 1M
- -7.86%
- YTD
- 12.30%
- 6M
- 13.80%
- 1Y
- 15.57%
- 3Y*
- 11.79%
- 5Y*
- —
- 10Y*
- —
MMNIX vs. CTA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
MMNIX Miller Market Neutral Income Fund Class I | 3.47% | 10.04% | 9.56% |
CTA Simplify Managed Futures Strategy ETF | 12.30% | 0.88% | 22.54% |
Correlation
The correlation between MMNIX and CTA is -0.09, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.09 |
Correlation (All Time) Calculated using the full available price history since Jan 3, 2024 | -0.04 |
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Return for Risk
MMNIX vs. CTA — Risk / Return Rank
MMNIX
CTA
MMNIX vs. CTA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Miller Market Neutral Income Fund Class I (MMNIX) and Simplify Managed Futures Strategy ETF (CTA). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
| MMNIX | CTA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +5.36 | ||
| Sortino ratioReturn per unit of downside risk | +10.28 | ||
| Omega ratioGain probability vs. loss probability | 2.82 | 1.15 | +1.67 |
| Calmar ratioReturn relative to maximum drawdown | 20.83 | 1.42 | +19.41 |
| Martin ratioReturn relative to average drawdown | 89.27 | 3.72 | +85.55 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| MMNIX | CTA | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 6.14 | 0.78 | +5.36 |
Sharpe Ratio (All Time)Calculated using the full available price history | 5.53 | 0.62 | +4.92 |
Drawdowns
MMNIX vs. CTA - Drawdown Comparison
The maximum MMNIX drawdown since its inception was -0.49%, smaller than the maximum CTA drawdown of -18.07%. Use the drawdown chart below to compare losses from any high point for MMNIX and CTA.
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Drawdown Indicators
| MMNIX | CTA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.49% | -18.07% | +17.58% |
Max Drawdown (1Y)Largest decline over 1 year | -0.46% | -11.00% | +10.54% |
Max Drawdown (3Y)Largest decline over 3 years | — | -11.23% | — |
Current DrawdownCurrent decline from peak | -0.09% | -7.86% | +7.77% |
Average DrawdownAverage peak-to-trough decline | -0.06% | -5.67% | +5.61% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.11% | 4.19% | -4.08% |
Volatility
MMNIX vs. CTA - Volatility Comparison
The current volatility for Miller Market Neutral Income Fund Class I (MMNIX) is 0.42%, while Simplify Managed Futures Strategy ETF (CTA) has a volatility of 7.76%. This indicates that MMNIX experiences smaller price fluctuations and is considered to be less risky than CTA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MMNIX | CTA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.42% | 7.76% | -7.34% |
Volatility (6M)Calculated over the trailing 6-month period | 1.12% | 17.30% | -16.18% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.56% | 20.12% | -18.56% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.74% | 16.58% | -14.84% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.74% | 16.58% | -14.84% |
MMNIX vs. CTA - Expense Ratio Comparison
MMNIX has a 1.69% expense ratio, which is higher than CTA's 0.78% expense ratio.
Dividends
MMNIX vs. CTA - Dividend Comparison
MMNIX's dividend yield for the trailing twelve months is around 4.75%, less than CTA's 4.85% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
CTA Simplify Managed Futures Strategy ETF | 4.85% | 3.19% | 4.80% | 7.78% | 6.58% |
MMNIX Miller Market Neutral Income Fund Class I | 4.75% | 5.03% | 4.74% | 0.00% | 0.00% |
Frequently Asked Questions
MMNIX and CTA have a correlation of -0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CTA has higher volatility (7.76%) compared to MMNIX (0.42%). In terms of maximum drawdown, MMNIX dropped -0.49% vs CTA's -18.07%.
MMNIX currently has the higher Sharpe Ratio (6.14 vs 0.78), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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